Ethereum price retested the $ 102.00-103.00 support and recovered recently. ETH / USD is currently trading above the $ 115.00 resistance with a positive angle.
- Ethereum price formed a double bottom pattern near $ 102.50 and recovered.
- ETH / USD broke a fundamental bearish trend line with resistance at $ 114.50 on the 30-minute chart.
- The price could dip at a few points to $ 121.00 or $ 124.00.
Ethereum Price Analysis
Recently, there was a downside move at $ 122.18 swing high. Support price before the $ 115.00 and $ 106.00 support levels before buyers appear near the $ 102.00-103.00 support area.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH / USD, the pair retested the $ 102.00-103.00 support area where buyers appeared. It seems like a price for a double bottom pattern near $ 102.50, which could result in gains in the short term.
Moving to the $ 108.00 resistance and the 25 simple moving average (30-min). Besides, there was a break above the 50% Fib retracement level of the last drop from the $ 122.18 high to $ 102.20 low.
A trend bearer with resistance at $ 114.50 on the same chart of ETH / USD. The pair jumped above the $ 115.00 resistance and traded as high as $ 118.97.
An initial support on the downside is at $ 115.00 and the 23.6% Fib retracement level of the recent wave from the $ 102.20 low to $ 118.97 high. However, the key support is near the $ 112.00 level and the 25 simple moving average (30-min).
Below $ 112.00, the price may test the 50% Fib retracement level of the recent wave at $ 110.65. Therefore, if there is a downside correction, the price could be found near the $ 115.00 or $ 112.00 level.
Overall, Ethereum price likely formed with double bottom pattern near $ 102.50, which could result in more gains above the $ 120.00 level. Should there be an upside break above $ 120.00 in ETH, the price could be rally towards the $ 140.00 level.
The market data is provided by TradingView, Bitfinex.